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What are the chances that they will do something like as to give a percentage (ex:5%) of new stock for the commons that you own right now?
See Docket 2181, page 25, paragraph 3.6
Adjusted Newco value range $323M to $405M as stated by PwC and Rothschild Inc.
http://stockcharts.com/h-sc/ui?s=SCRA&p=D&yr=0&mn=0&dy=2&id=p66020047291
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It hasnt been approved yet. But looks like Nov 24 it probably will be. That will be almost a year since it had its last good run. Does anybody have an idea or guess of what the company will be worth after BK? Once they emerge from BK and cancel the commons?
looks like common shares are kaputt
http://biz.yahoo.com/e/081003/scra.pk8-k.html
Why the sudden drop today?
I read over the updated plan and disclosure documents and they are still stating the common shares will be cancelled. However, nothing is final until the judge approves.
I don't remember when the hearing is but I expect there will be a discussion regarding the common shares.
they will cancel the shares?but maybe they will issued warrants for the old shares compensation. What do you think about ?
I own 285000 shares it will be desastreus to loose everything here.
'
That is the correct read. However, their exit plan is a work in progress and will likely change before it is before the court and the vote.
At these prices it seems it would be better for many company insiders to honor the shares or at least issue warrants for new shares.
I keep looking for SEC Form 4s to see if any large holders are dumping and so far they have not, which is a good sign to me.
Is "does not provide a recovery for existing holders of the Company’s common stock", the same as saying that all commons will be extinguished?
GE GE GE GE we are in good shape I see blue sky ... And at this point I have a nice position... Just .10 will make me a happy sharesholder.. Bet with the brains.. http://stockcharts.com/h-sc/ui?s=SCRA&p=D&yr=0&mn=0&dy=4&id=p30534437344" target="_blank">http://americanbulls.com/StockPage.asp?CompanyTicker=SCRA&MarketTicker=OTC&TYP=Shttp://stockcharts.com/h-sc/ui?s=SCRA&p=D&yr=0&mn=0&dy=4&id=p30534437344
LOW LOW FLOAT..
Invest along with me the best is yet to be...... I disclaim any action you choose to take that loses money ,,, remember we are all just guessing !!!!http://stockcharts.com/h-sc/ui?s=KSWJ&p=D&yr=0&mn=2&dy=10&id=p71232868332
We are at the crossroad. Based on the proposed exit plan our shares will be cancelled. They will create a new company and issue new shares. To date, there is no mention of issuing warrants to current share holders. The court will have a hearing on Sept 4th. If the court approves the plan then it goes to the creditors for a vote.
A recent Dow Jones News article states that Sea Containers stake in GE SeaCo is valued between $323M-$403M.
We still have a chance to come out ok, but I have cut my holding to a level that I can afford should the shares become cancelled. The plan will surely change again before Sept 4th, so keep checking the court docket for updates.
I ADDED AGAIN ON FRIDAY.. I THINK WE HAVE A NICE CHANCE FOR A BIG PROFIT ON THIS ONE.. AND AT .015 ANY UP WILL BE KILLER..
If you read the BK plan, the projected recovery for the debt is 47-61%(disclosure Page 9). Somewhere else in the plan, which I can't find right now it implies a median value of NEWCO of 330 million. This implies that we are about 300 million short of in the money, and we need someone to argue that NEWCO is worth almost twice what the accountants are now projecting. Given the projected recovery, I think the chance of common holders even getting a few warrants is very low. I dumped all my taxable(over 200K) shares since the plan came out, since they will almost surely be worthless.
Wayne
http://docs.bmccorp.net/scl/docs/2031%20-%20Disclosure%20Statement%20for%20Joint%20Plan.pdf
The 8K is posted. There are some new notes. Still no clue regarding our current shares.
When the company was listed on the big board the stock was listed as SCRA and SCRB. Now they are both listed on the pinks. I don't know if that is what they are referring to or not. You can get a good history of the company and "paired stocks" here: http://www.fundinguniverse.com/company-histories/Sea-Containers-Ltd-Company-History.html
I still think the shares should survive, but I recently reduced my position to one that I can accept should the shares become worthless.
The BMC Chapter 11 link now has a cleaned up version of the reorg plan and disclosures inside of the orange box on the right hand side. I started going over it last night but have some ways to go.
My guess is that's it's not good, but that's only a guess.
Can someone interpret further what that statement means??
8K out
This sentence seems to indicate we'll have to wait a while:
"It should be noted that the Plan does not provide a recovery for existing holders of the Company’s common stock, which common stock will remain outstanding until the dissolution of Reorganized SCL under Bermuda law"
****
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2008
Sea Containers Ltd.
(Exact name of registrant as specified in its charter)
Bermuda
1-7560
98-0038412
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
22 Victoria Street, Hamilton HM 12, Bermuda
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 441-295-2244
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
Item 7.01. Regulation FD Disclosure
On July 31, 2008, Sea Containers Ltd. and its affiliated debtors (“SCL” or the “Company”) filed with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) a Joint Plan Pursuant to Chapter 11 of the United States Bankruptcy Code (the “Plan”) and a related Disclosure Statement (the “Disclosure Statement”). Copies of the Plan and Disclosure Statement as filed with the Bankruptcy Court are attached hereto as Exhibits 99.1 and 99.2, respectively. It should be noted that the Plan does not provide a recovery for existing holders of the Company’s common stock, which common stock will remain outstanding until the dissolution of Reorganized SCL under Bermuda law. Copies of the Plan and Disclosure Statement are also publicly available and may be accessed free of charge at the Debtors’ private website at http://www.bmcgroup.com/scl. The information set forth on the foregoing website shall not be deemed to be part of or incorporated by reference into this Form 8-K.
The Company recommends that its stakeholders refer to the limitations and qualifications included in the Plan and Disclosure Statement, as applicable, with respect to the information contained therein. Information contained in the Plan and Disclosure Statement is subject to change, whether as a result of amendments to the Plan, actions of third parties, or otherwise.
Bankruptcy law does not permit solicitation of acceptances of the Plan until the Bankruptcy Court approves the Disclosure Statement. Accordingly, this announcement is not intended to be, nor should it be construed as, a solicitation for a vote on the Plan. The Plan will become effective only if it receives the requisite stakeholder approval and is confirmed by the Bankruptcy Court.
2
--------------------------------------------------------------------------------
Limitation on Incorporation by Reference
The Plan and Disclosure Statement shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Registration statements or other documents filed with the U.S. Securities and Exchange Commission (“SEC”) shall not incorporate the Schedules and Statements or any other information set forth in this Current Report on Form 8-K by reference, except as otherwise expressly stated in such filing. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.
Forward-Looking Statements
This Current Report on Form 8-K and the documents incorporated by reference into this Current Report, as well as other statements made by SCL may contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, that reflect, when made, the Company’s current views with respect to current events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment, which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: (i) the ability of the Company to continue as a going concern; (ii) the ability of the Company to operate subject to the terms of the debtor in possession financing; (iii) the Company’s ability to obtain court approval with respect to motions in the proceedings under chapter 11 of the United States Bankruptcy Code (collectively, the “Chapter 11 Cases”) prosecuted by it from time to time; (iv) the ability of the Company to develop, prosecute, confirm, and consummate one or more plans of reorganization with respect to the Chapter 11 Cases; (v) risks associated with third parties proposing and confirming one or more plans of reorganization; (vi) risks associated with third parties seeking and obtaining the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; (vii) the Company’s ability to maintain contracts and leases that are critical to its operations; (viii) the potential adverse impact of the Chapter 11 Cases on the Company’s liquidity or results of operations; (ix) the ability of the Company to execute its business plans and strategy; (x) the ability of the Company to attract, motivate and/or retain key executives and associates; and (xi) increased competition in the container leasing industry. SCL undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Similarly, these and other factors, including the terms of any plan of reorganization ultimately confirmed, can affect the value of the Company’s various prepetition liabilities, common stock and/or other equity securities. Additionally, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. A plan or plans of reorganization could result in holders of SCL’s common stock or other equity interests and claims relating to prepetition liabilities receiving no distribution on account of their interest and cancellation of their interests and their claims. Under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that certain creditors or equity holders do not receive or retain property on account of their claims or equity interests under the plan. In light of the foregoing, the Company considers the value of the common stock and claims to be highly speculative and cautions equity holders that the stock and creditors that the claims may ultimately be determined to have no value. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in SCL’s common stock or other equity interest or any claims relating to prepetition liabilities.
3
--------------------------------------------------------------------------------
Item 9.01 Financial Statements and Exhibits
Exhibit No.
Description
99.1
Debtors’ Joint Plan Pursuant to Chapter 11 of the United States Bankruptcy Code
99.2
Disclosure Statement for Debtors’ Joint Plan Pursuant to Chapter 11 of the United States Bankruptcy Code
4
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SEA CONTAINERS LTD.
Date: August 4, 2008
BY:
/s/ Laura Barlow
Laura Barlow
Chief Financial Officer and Chief
Restructuring Officer
Thanks, guess I missed those dates, wanted to know what they were...that is not so far away, should be interesting to see what happens.
Here are some key dates from Attachment 9 Exhibit 8, subject to change.
Plan Supplement filing date - 29 October
Voting Deadline -1 November
Plan Objection Deadline - 1 November
Plan Confirmation Hearing - 10 November
I agree with your assessment, just wanted to know if anyone else out there was still watching this!
There are many blanks yet to be filled in. I should have taken notes when I read through it. I think I read the final plan will be posted in about two weeks and there will be a court hearing on it on Sept 4th, I think.
The key search phrase is "Equity Interests".
See Article V, K on page 38.
I have not gone through the attachments yet.
It just seems to me there are so few common shares, I expect many company employees hold shares, and many subsidiaries are not part of the bankruptcy, the commons should survive.
So no one has any feedback on the reorg plan???
Read the reorg plan, need help from others who have looked at it. Don't see an effective proposed date, am I missing that? Also, don't see anything about what would happen to stockholders, can someone clarify if they saw anything re: that. At least good to know this is finally moving forward.
The first draft of the Reorg Plan is posted on the court docket site. It will take the weekend to read through it.
so that was you...any particular reason why
Yesterday I bought 83000 shares more @0,04
What the heck is up with the .03 spread? How weird is that
Check the link regarding the 6/19 filing. It seems logical to me.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=30126909
Form 8k out yesterday
http://biz.yahoo.com/e/080707/scra.pk8-k.html
Looks like it is being walked down.
The ask gets hit, and they lower the ask.
Maybe a whale wants in.
Yes, that is the $64,000 question. In all my research on Alix Partners I cannot find any instance where the Bankruptcy reorganization has caused the commons to be cancelled. I could be wrong though.
The question continues to be will the commons survive the reorganization and I'm not sure if anyone really knows. I don't think SCRA has given any hints one way or the other.
I continue to read this and see nothing but positives moving forward here in the next few weeks/months. What am I mssing?
GE SEACO WELCOMES AGREEMENT AMONG ITS PARENT COMPANIES
April 30, 2008
GE SeaCo SRL, the international marine container lessor, welcomes a settlement agreement signed by its two parent companies, General Electric Capital Corporation (“GE”) and Sea Containers Ltd. (“SCL”) to resolve all of their disputes. The agreement will simplify the GE SeaCo joint venture and end all of the current claims and litigations involving the joint venture and its parents.
GE SeaCo is one of the world’s largest container lessors. It manages and operates a container fleet of approximately 930,000 TEU (twenty foot equivalents) and offers the widest range of container equipment in the industry. GE SeaCo was formed by the 1998 merger of container fleets of GE Capital and Sea Containers and is operated as an internally financed, stand alone company.
Sea Containers Ltd and two of its subsidiaries are currently in Chapter 11 in the U.S. Bankruptcy Court in Delaware. While the Chapter 11 case does not involve GE SeaCo or its own assets, one of SCL’s principal assets is its 50 percent holding in the joint venture. Since 2006, GE has designated a majority of members of GE SeaCo’s Board of Managers, while SCL continues to designate a minority of the members.
The settlement will provide SCL with additional flexibility under the JV structure, which SCL believes will expedite its financial reorganization and consequent emergence from Chapter 11. The entire settlement is subject, among other things, to approval by the U.S. Bankruptcy Court in Delaware.
“Simplifying the JV structure will enable us to be even more responsive to our customers needs, “said David Amble, chairman and acting chief executive officer of GE SeaCo.
“Despite the differences between GE and SCL, we have built a strong, disciplined business over the last 10 years,” he said. “Taking the on-going litigation off the table will enable senior management to continue to build the business.”
Bob MacKenzie, the chief executive officer of SCL added: “We are pleased that this agreement and the pending settlement with the SCL pension trustees, which is currently awaiting Court approval, will together enable us to expedite the early filing of a Plan of Reorganization to the Bankruptcy Court and to emerge from Chapter 11.
Nice find...
I also wonder if the list in the Ibox is still accurate as far as the Insider/Institutional Holdings. I see no filings that state they sold. If that is the case could the float here really be only just over 1 million? The average trading volume here would tell me this is correct.
I think I may be right too. I just now noticed the POS AM reference in this entry:
Registration Form: POS AM
http://www.sec.gov/Archives/edgar/data/88095/999999999508001952/9999999995-08-001952-index.htm
Not sure but maybe you are right.
I am going back into old SOSA (Stolt Offshore) filings to see if I can find anything similar in their filings with SCRA current ones.
Alix Partners (Laura Barlow, etc.) did one heck of a turnaround there and should be able to do the same here imo. If BK emergence is to come in Q3 or Q4 of this year we should start seeing some price action here, like the volume this week.
I still think the common will survive, even if they have to dilute 5x to 138 million shares outstanding this would trade in the multiple $$ range easy imo. If they do not dilute at all, watchout!
Here is some wishful thinking by a lay person:
Maybe this step is necessary so that an accurate number of shareholders can be known by the T/A and the team doing the legal work, to pay a distribution.
Or to start the covering of any short positions that may be out there.
Maybe it has to do with the POS AM filed on 6/18/2008:
6/19 filing...
Does anyone know what the filing Notice of Effectiveness was all about from 6/19?
exactly they are biding every time from months.Look at the Level II.Not necesarely small orders, someone throw 400k 2 weeks ago and there was HDSN at bid.They are buying AT BID millions shares months ago.With 27m shares is the only way to bought millions without to much noise.
I say it time ago in this forum. I am sure this will be big.
Maybe they are trying to do it under the radar with small buys stretched out. If someone tried to buy 1 million shares here it would never fill. The bid/ask would just move up...
What you are saying really makes no sense. If someone is buying, they really aren't a big player as the volume has suckd here for weeks.
Clearly HDSN is buying for someone.He stays ever in the first time of bid from 4-5 months ago at less.Someone knows something and is acumulating all shares they can.
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